MCC joined the New York Times Co. as lead investors in the company's third round of stock financing, which raised approximately $25 million in new equity capital for Zip2, which develops local online content and revenue-generating advertising programs for Internet newspapers.
Zip2 offers a suite of applications, including a business directory, city guide (arts and entertainment), real estate guide and automotive guide. Through Zip2 local newspapers can leverage their content online and tap into local online advertising revenue.
MCC newspapers will offer Zip2's online products for editorial information on restaurants, movies, community events, performing arts, and local real estate and automotive purchases. Zip2 also offers mapping and door-to-door directions to businesses and events.
Zip2's other partners include Knight-Ridder, Landmark Communications, McClatchy Newspapers, Central Newspapers, and newspapers in the Hearst, Times Mirror, Scripps Howard and Freedom Communications chains. Zip2 is headquartered in Mountain View, Calif., and located on the Internet at http://www.Zip2.com.
Morris Communications Corp. is a privately held company with nationwide, diversified holdings in newspaper and magazine publishing, radio, outdoor advertising and computer services.